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China Tire Reinforcement Materials Market Forecast 2021-2026

KEY FINDINGS

The China tire reinforcement materials market is projected to develop with a CAGR of 6.01% during the forecast years. The country's market growth is accredited to key factors such as the introduction of new road-testing regulations, the rising adoption rate of autonomous vehicles, as well as the surge in industrial investments. While the base year considered for the market studied is 2020, the estimated period is from 2021 to 2026.

MARKET INSIGHTS

Reinforced tires possess a longer lifespan than regular tires and are not vulnerable to internal damages. As a result, they provide enhanced stability, in addition to improved properties in terms of adhesion and traction.

The connected car industry in China is estimated to witness positive growth on account of the augmenting domestic market and the increasing government initiatives. These scenarios are anticipated to generate favorable market conditions for the country's tire manufacturers.

On the other hand, China is also the major manufacturer as well as consumer of electric vehicles globally. As the country continues to witness a notable demand for autonomous electric vehicles, the demand for tires is set to rise. In addition, numerous cities in China have also initiated novel road-testing rules in order to approve the operation of self-driving vehicles. Therefore, such drivers are anticipated to facilitate the tire reinforcement materials market growth in China over the forecasting period.

COMPETITIVE INSIGHTS

Some of the major companies operating in the market are Hyosung Corporation, Shenma Industrial Co Ltd, HBT Rubber Industrial Co Ltd, etc.

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China Tire Reinforcement Materials Market Forecast 2021-2026
Published By :Inkwood Research
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